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According to Costello, fisheries, or areas where a certain kind of fish is caught, represent a textbook example of a tragedy of the commons - the classic economics metaphor for a shared resource that is ruined because of competition between users. Giving fishermen catch shares - also known as Individual Fishing Quotas (IFQs) - doesn't dampen competition for fish, but manages it by essentially making fishermen stakeholders in a fishery. Costello explains that IFQs, which can be bought, sold or traded just like stocks, discourage overfishing by giving fishermen a vested interest in preserving the future health of the resource...
...textbook crisis management, similar to Johnson & Johnson's famously forthright and successful reaction to the Tylenol tampering scare of 1982. So far, so good. But while Johnson & Johnson was soon able to restore Tylenol's lost market share, the U.S. faces a different challenge...
...panel, entitled “Understanding the Crisis in the Markets: A Panel of Harvard Experts,” featured an all-star cast, including Dean of Harvard Business School Jay O. Light, Business School professor and Nobel laureate Robert C. Merton, and Ec 10 professor and textbook author N. Gregory Mankiw. The participants discussed their views on the events that led to the current crisis, the bailout plan making its way through the halls of Congress, and more extensive, permanent resolutions...
Mankiw kept the audience chuckling with cracks about his safe job as a tenured professor, references to Chapter 26 of his “favorite textbook,” and “the mafia approach” of forcing banks to increase their capital stock, in which he supposed that the Treasury Department might say to an ailing bank, “You have a really nice bank here—I wouldn’t want anything bad to happen...
CrimsonReading.org, the Web site that allows Harvard students to compare textbook prices online, will be powered this semester by BrunoBooks, a similar site started in 2007 at Brown. Like Crimson Reading, which was founded in 2006 by then-UC members Tom D. Hadfield ’08 and Jon T. Staff V ’10, BrunoBooks uses ISBNs (International Serial Book Numbers) to compare prices from online vendors with university bookstore prices. Under the terms of the agreement, no matter how much money Crimson Reading makes this semester, $3,000 will go to the charity that Crimson Reading...